Chapter 7 can’t directly help much your vehicle loan. But Chapter 13 can: it can buy you much more time and likely lower your payments. Problems to Solve Last week we addressed the kind of help Chapter 7 “straight bankruptcy” provides on your vehicle loan. Mostly it clears the deck of your other debts so that you can afford … Read More
Unexpected Benefit: Dealing with Your Vehicle Loan in Bankruptcy
Bankruptcy gains you lots of leverage with your vehicle loan. Chapter 7 helps simply by getting rid of most or all of your other debts. Here’s the Problem You’re paying on a car or truck. You absolutely need this vehicle for getting to work, and to keep your life going. You can’t do without it. But you’re having trouble … Read More
Unexpected Benefit: Whether to Use Chapter 13 to Write Off Divorce Debts
Chapter 13 does write off certain divorce debts. But it does so with some important conditions and disadvantages that you need to consider. Last week we explained how Chapter 7 cannot write off non-support divorce debts, but Chapter 13 can. We said if you owe a significant debt created by your divorce decree (for other than child or spousal … Read More
Unexpected Benefit: Write Off a Divorce Debt
Chapter 7 does not write off any divorce debts. But Chapter 13 can write off a divorce debt if it is not for child or spousal support. “Discharging” a Debt or Legal Obligation When you successfully complete a consumer bankruptcy, you get a discharge of some or all of your debts. When a debt is discharged the creditor is … Read More